You can make your formatter class to format the arguments whichever way you want. It's not entirely straight forward, but here's one that produces the following output (assuming @mgilson is correct in the assumption that you wanted to only display the metavar once for the set of command names... Otherwise just specify an actual metavar='value' and it will display precisely that text.):
# without metavar specified:
-c, --chunksize CHUNKSIZE
                chunk size in bits
# with metavar specified:
-c, --chunksize some_metavar
                chunk size in bits
And the code for the class and reproducing the two outputs: 
import argparse
# 2.7-3.2
class SingleMetavarHelpFormatter(argparse.HelpFormatter):
    def _format_action_invocation(self, action):
        if not action.option_strings:
            metavar, = self._metavar_formatter(action, action.dest)(1)
            return metavar
        else:
            parts = []
            # if the Optional doesn't take a value, format is:
            #    -s, --long
            if action.nargs == 0:
                parts.extend(action.option_strings)
            # if the Optional takes a value, format is:
            #    -s ARGS, --long ARGS
            else:
                default = action.dest.upper()
                args_string = self._format_args(action, default)
                ## THIS IS THE PART REPLACED
                #~ for option_string in action.option_strings:
                    #~ parts.append('%s %s' % (option_string, args_string)) ### this is change
                ## /SECTION REPLACED
                ## NEW CODE:
                parts.extend(action.option_strings)
                parts[-1] += ' %s' % args_string
                ## /NEW CODE
            return ', '.join(parts)
parser = argparse.ArgumentParser(
    prog='PROG',
    formatter_class=SingleMetavarHelpFormatter
    )
parser.add_argument('-c', '--chunksize', type=int, help='no metavar specified')
parser.add_argument('-w', '--with_metavar', type=int, help='metavar specified', metavar='some_metavar')
parser.print_help()
edit:
To not show a metavar at all, you can pass an empty string to metavar:
parser.add_argument('-e', '--with_empty_metavar', type=int, help='empty metavar specified', metavar='')
The difference between doing that with the original class and the new class is the lack extra space character after the short command syntax.
#usage: PROG [-h] [-c CHUNKSIZE] [-w some_metavar] [-e]
#
#optional arguments:
#  -h, --help            show this help message and exit
#  -c CHUNKSIZE, --chunksize CHUNKSIZE
#                        no metavar specified
#  -w some_metavar, --with_metavar some_metavar
#                        metavar specified
#  -e, --with_empty_metavar
#                        empty metavar specified